Monthly deficit hits $220 billion, highest in U.S. history

posted at 7:23 pm on March 10, 2010 by Allahpundit

The government racked up a record-high monthly budget deficit of $220.9 billion in February, the Treasury Department announced today.

The latest flood of red ink brings the total deficit for the first five months of the current fiscal year to $651 billion, far exceeding the $589 billion shortfall for the same timeframe in the last fiscal year.

The government ended the 2009 fiscal year with a record $1.4 trillion shortfall. The Obama administration has forecast a $1.56 trillion deficit for this year.

What’s left to say at this point? All I can do is try to contextualize this for you: According to CBO, based on an analysis of the deeply deceitful numbers presented to it by Reid and Obama, the national panacea of health-care reform will save us $132 billion over the next 10 years. Which means the feds blew through our big decade-long ObamaCare refund in about … 17 days last month. (Savings from 2020 to 2029 are estimated to be $1 trillion, but follow the “deeply deceitful” link for insight into that. Even CBO scoffs at trying to predict any numbers that far out.)

Would it make you feel better to read about a Republican yelling at Geithner? Okay, let’s do it!

“It just defies common sense for this administration to pretend that you’re paying any attention at all to deficit reduction,” Rep. John Culberson, R-TX, told Geithner. “It doesn’t square with reality.”…

“If you care about fiscal responsibility, there is no way you could have argued that the response from the government should have been to stand back and let this economy collapse – that would have been far more costly,” Geithner said…

“You’ve spent more money in less time than any administration in history, you have driven the deficits to unprecedented levels, and you’re trying to sell a bill of goods to the country claiming that you’re going to create the mother of all entitlements, insure 30 million more Americans, and we’re going to save you money,” he continued. “Nobody believes that.”

Not true. Supposedly 10 percent of the public believes it, but give them another year or two of reading stories like this. That number will come down to one or two percent before too long.

Normally I like to set up a clip with a brief intro, but not this one. It speaks for itself. Click the image to watch.

Blowback

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THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS! THREE MORE YEARS!

or better snark, I guess the libs were right after all, 28 years after Reagan cut taxes (it being completely coincidental that it’s also a year after reenacting FDR style anti-business regulations), we suffer a busted economy. Man, if only we kept Carter in office.

Close to nothing, right now, but that’s because the Fed is buying up most of the debt (which is pretty short-term) and keeping the interest rates artificially low.

How soon before we can’t pay the interest?

Knucklehead on March 10, 2010 at 7:34 PM

Well … when the Fed loses control of the artificial interest rate cap, whent he dollar starts getting routed, interest rates will shoot up and the service will skyrocket as this short-term debt has to be turned over. It will be catastrophic.

A sailor on leave is more fiscally responsible than these clowns. I mean really, if you blow all your money on cheap booze and fast women, at least you’re stimulating the local economy…. This is ridiculous!

I’ll soon take all my troubles over to Obama Rue
You know The One with the never ending Hope and Change shtick
He’s got a pad down on Pennsylvania avenue
He’ll be passin’ out little bottles of Obama Potion Number Nine

I’ll tell him that I’m having trouble with my mortgage payments
It’s gotten even worse in these last few weeks
He’ll kiss me on the cheek and he’ll made a magic sign
He’ll say “What you need is Obama Potion Number Nine”

He’ll turn around and gave me a wink
He’ll say “I’m gonna have my Michelle make it up right here in the White House sink”
It’ll smell like Chicago, it’ll look like socialist ink
I’ll hold my nose, I’ll close my eyes, I’ll take a drink

I won’t know if it is day or night
I’ll start grabbin’ all the borrowed money that is in sight
But when a wheel barrel full of it won’t even buy a BigMac
It’ll break my little bottle of Obama Potion Number Nine

Oh Lord Obama, won’t you at least buy me a Mercedes Benz ?
The uptown folks drive Porsches, they must make amends.
Worked hard watching Oprah most of my lifetime, no help from my friends,
So Lord Obama, won’t you at least buy me a Mercedes Benz ?

Oh Lord Obama, won’t you buy me a health care plan?
Working to pay for it myself is too hard on me.
I want to get prescription drugs and a doctor for free,
So Lord Obama, won’t you buy me a health care plan ?

Oh Lord Obama, won’t you buy me a retirement on the town ?
Prove that you’ll take care of me and buy my next round.
Oh Lord Obama, won’t you buy me that big house down the block that I found?
I’m counting on you, Lord Obama, please don’t let me down.

“You’ve spent more money in less time than any administration in history, you have driven the deficits to unprecedented levels, and you’re trying to sell a bill of goods to the country claiming that you’re going to create the mother of all entitlements, insure 30 million more Americans, and we’re going to save you money,” he continued. “Nobody believes that.”

It’s almost like the Far-left National Socialist wackos in the Democrat party want to destroy the economy or something….

RobD,
Can’t afford gold but am well stocked on the other 3 items. This cannot go on for much longer. The Chinese and Japanese will soon cease financing our debt, there will be a crash of the dollar. In short, a manufactured crisis designed to wrest from us what little power the American people still possess.
Like Rahm the ballerina said, “don’t ever let a good crisis go to waste.”

A sailor on leave is more fiscally responsible than these clowns. I mean really, if you blow all your money on cheap booze and fast women, at least you’re stimulating the local economy…. This is ridiculous!

Rightwingguy on March 10, 2010 at 7:37 PM

Government’s not the answer

Americans, Americans
There’s too many of you who will be for your jobs crying
Savers, savers, savers
There’s far too many of you who’s money markets are still dying
You know we’ve got to find a way
To bring some sanity here today – Yeah

Obama, Obama
We don’t need you to the bailouts and the pork to escalate
You see, rewarding failure and spending like a drunken sailor is not the answer
For only freedom can conquer envy and hate
You know we’ve got to find a way
To bring some sanity here today

Long Chinese and Saudi coming default repossession lines and closed hospital signs
Don’t punish me with your Marxist brutality
Talk to me, so you can see
Oh, what’s going on
What’s going on
Yeah, what’s going on
Ah, what’s going on

Well … when the Fed loses control of the artificial interest rate cap, whent he dollar starts getting routed, interest rates will shoot up and the service will skyrocket as this short-term debt has to be turned over. It will be catastrophic.

neurosculptor on March 10, 2010 at 7:37 PM

Very good. Have you been paying attention to Glenn Beck too? Too bad those valuable lessons don’t get posted here

A sailor on leave is more fiscally responsible than these clowns. I mean really, if you blow all your money on cheap booze and fast women, at least you’re stimulating the local economy…. This is ridiculous!

Rightwingguy on March 10, 2010 at 7:37 PM

We have become such suckers for words that politicians can spend our tax money like a drunken sailor, provided they call it “investment.” At least the drunken sailor is spending his own money — but people look down on him because he doesn’t call it “investment.”
- Thomas Sowell

That clip is unbelievable. I know he’s said that sort of thing before and this was in front of a friendly crowd at a closed rally, but come on. At some point, even the drive-bys need to start calling the man out for his blatant hypocrisy.

I keep saying his 2012 campaign will be one for the ages. Dude’s gonna attempt to recycle 2008 with his “it’s Bush’s fault” theme and “Washington is broken” rhetoric, only this time he expects the same 53% who voted for him last time to conveniently forget he’s been President for 4 years.

DON’T YOU REALIZE THAT THE REASON THEY WANT THIS HEALTHCARE LEGISLATION PASSED IS BECAUSE IT GIVES THEM TOTAL CONTROL?
IT’S NOT ONLY ABOUT HEALTHCARE!
IT’S ABOUT OBAMA PUTTING THE NEXT THREE GENERATIONS ON WELFARE!

I, Tuco Ramirez, will tell you something. Those politicians think they are better than I am. Where I came from, if one did not want to have to do actual work for a living, one became a politician or a bandit. They chose their way, I chose mine. Mine was harder! I don’t remember for how long, but I tried the political path! I tried, but it was no good! Robbing from little children even! My standards may be low but I do have some standards. Now I am going to tell them something… … they became politicians because they are too cowardly to do what I do.

And some people say there is no difference between the parties, well here it is…compared to the present crop of Democrats the GOP is downright frugal. I do not even understand how they managed to spend this much money myself.

Very good. Have you been paying attention to Glenn Beck too? Too bad those valuable lessons don’t get posted here

Knucklehead on March 10, 2010 at 7:48 PM

I’ve always had an interest in finance and worked in the area for a while – options and futures trading. I’ve been a monetary hawk for decades, as to me, the federal government and the monetary system are inextricably tied to each others’ fates.

Beck has been doing an excellent job explaining the monetary issues. The only thing he’s been missing is explaining how the situation with the US dollar is distinctly different from the monetary collapses that have taken place before, as the dollar is too big to rescue and too integral to our nation to escape from. I have a feeling he is going to start talking about this aspect, soon, though, as Beck seems to always get around to the important points that most others skip over.

DON’T YOU REALIZE THAT THE REASON THEY WANT THIS HEALTHCARE LEGISLATION PASSED IS BECAUSE IT GIVES THEM TOTAL CONTROL?
IT’S NOT ONLY ABOUT HEALTHCARE!
IT’S ABOUT OBAMA PUTTING THE NEXT THREE GENERATIONS ON WELFARE!

Cybergeezer on March 10, 2010 at 7:56 PM

Every breath you take
Every move you make
Every step you take
Obama wants to be controlling you

Every single day
Every word you say
Every night you stay
Obama wants to be controlling you

Oh, cant you see
He wants all to belong to the subservient sheeple collective Obama we
To control all your life how his heart does ache

Every pill you take
Every dollar you make
Every loan you stake
Obama wants to be controlling you

“It just defies common sense for this administration to pretend that you’re paying any attention at all to deficit reduction,” Rep. John Culberson, R-TX, told Geithner. “It doesn’t square with reality.”…

I await the day when we have a nationally elected official who has the balls to say that Obama is in fact paying attention to the deficit, because he’s trying to collapse the system. We’re headed down a bad road without all of what he’s doing, but he’s spent his entire life around unbelievably radical people and promised to “fundamentally transform” America, and you can’t do that with baby steps.

So, to Rep. Culberson I say, take off the blinders. It’s not that this administration is ignoring the deficit… They’re running it up deliberately for nefarious purposes.

Geithner is absolutely shameless. That’s for sure. But … he never should have been confirmed, to start. I don’t hold House GOPers responsible for that, but I still can’t believe that any of these idiots in the administration were confirmed by the Senate. Just crazy. And Geithner had a long history of idiocy.

Please correct me if I’m wrong, but wasn’t it Obama who, during the 2008 election campaign, complained that it was the $10 billion a month going towards the Iraq war which was causing all the deficit spending, and that “ending” that war would save a couple of trillion dollars over the next ten years?

Now, given that that $10 billion a month was funding both Iraq and Afhganistan, and that the Iraq war would not have continued for another ten years under a Bush like administration (rather, the Obama drawdown appears to be no different than what Bush was forecasting), what does $10 billion do to $220 billion a month?

I
t still leaves you with a $210 billion MONTHY shortfall.
Lest we forget, that’s via the benefit of a Dem congress since 2006 and a Dem preisdent signing off the budgets for the last two years.

The problem is that Obama isn’t stupid, in fact, he’s brilliant. Some may consider him dumb or incompetent because he is not executing his duties in a manner that would appear competent to an outside observer that assumes that he has the best interests of his nation at heart.

He does not. He is a radical, marxist ideologue, plain and simple. The evidence was there to reach that conclusion before the election. The perceived missteps and hiccups that we observe are but the overburden of the implementation of his transformation of America (remember that he said this – we just misunderestimated what he meant).

I have to strongly disagree. The Precedent is an imbecile. The guy can’t even handle simple arithmetic with fractions – judging from the idiotic things that spill out of his mouth. The problem is that all he wants to do is sow chaos, which any idiot can do, especially when the useful idiot dems and the lame streams have his back all the way, because they could never say bad things about a black guy, like the fact that he’s a retard.

A 12 year old would have no problem wrecking an aircraft carrier if you put him in charge. It doesn’t take any brains to destroy a complex system.

The size of the deficit for April will be interesting. For myself, I generally make an estimated tax payment in April. As a result of a bad 2009, I will not be making a payment, and will instead receive a refund of approx 60% of last years tax payments, and apply part of the overpayments to 2010. I would suspect there are many others who will do the same.

The size of the deficit for April will be interesting. For myself, I generally make an estimated tax payment in April. As a result of a bad 2009, I will not be making a payment, and will instead receive a refund of approx 60% of last years tax payments, and apply part of the overpayments to 2010. I would suspect there are many others who will do the same.

ICBM on March 10, 2010 at 8:22 PM

I am in a very similar situation. I may have to make a $10 contribution for my first quarter payment just to make it look good.

Do you have any ideas what decisions or policies have failed this country?

bayam on March 10, 2010 at 8:31 PM

Yes. Social engineering by the leftists is largely responsible for the credit crisis – the idea that the government can force misvaluations of debt and have that quarantined in one small section is moronic, at best, though par for the course for the retards on the left. Insane spending by The Precedent is solely responsible for this absolutely INSANE deficit. The TARP was a one-shot deal, most of which has since been paid back. There was nothing but a $200 billion hit from Bush on that. The trillion+ deficits are all the dems and their Indonesian Imbecile’s. And having them stretch out for a decade is breathtaking in its treasonous stupidity.

And the traitorous scumbags of the left are still trying to force even more spending on us with your un-Constitutional health scare, Lying about it like a banshee.